Union Bank Unveils Lifeguard

Mumbai, October 23: | Updated: Oct 24 2002, 05:30am hrs
Union Bank of India (UBI) has launched a loan scheme Union Lifeguard a emergency-cash-on-hand scheme, designed to take care of hospitalisation needs of its account holders.

The card is initially launched in Mumbai. UBI has tied up with 14 leading hospitals in the city to offer the service. It has plans to extend the scheme to other major cities in a later stage.

Under the scheme, a loan up to a maximum of Rs two lakh will be given in case of any emergency need. UBI will issue a card for a biennial fee of Rs 500. The card can be renewed for Rs 200. The repayment period for the loan is 24 months and interest rate is 14 per cent per annum. However, UBIs deposit holders can avail of the scheme at an interest rate of 13 per cent.